Use this field group to view and edit service fee information for the customer line-of-credit (LOC) loan account.
To learn more about how LOC loans function, see the Line-of-Credit Loan Information help page. Fields in this field group are as follows:
Field
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Description
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Method & Frequency
Mnemonic: LNRLSM
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Use this field to indicate if, when, and how service charges are applied to a loan. Service fees do not replace late charge fields. As service fees are charged, the loan's principal balance is increased by the fee amount. Open the link below for more information.
OPTIONS AND UPDATE FUNCTIONS
Update function 56 – To use this field, submit a work order requesting that the service fee charge option (update function 56) be enabled.
Update function 75 – If the loan has a zero balance and a service fee is assessed on the same night the billing statement is generated, nothing will be billed and afterhours update function 75 will advance the loan due date an additional frequency. This will prevent a late charge from being assessed prematurely.
Transaction Origination Code 101 needs to be mapped in the Autopost prior to the assessment or payment of service fees.
Possible selections in this field are:
| 1 | Charge flat fee on anniversary date. This code does not assess a fee on the date opened, but on every anniversary following this date. |
| 2 | Charge flat fee on night of first business day in January for loans open longer than 1 year. Fee assessment is determined by amount in Fee Amount field. |
| 3 | Charge flat fee night of billing in January for loans open longer than one year. Fee assessment is determined by the amount in the Fee Amount field. |
| 4 | Charge a flat fee on first billing date following the anniversary date. Example: The anniversary date is 2-15. The billing is processed on 2-20. The fee is charged on 2-20. Fee assessment is determined by the amount in the Fee Amount field. |
| 5 | Charge flat fee on the date opened and the anniversary date. This code is similar to code 1. |
| 6 | Charge a flat fee on the anniversary date if the loan has a zero principal balance and no monetary transactions have been made since the last anniversary date. |
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Percent
Mnemonic: LNRLSP
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Use this field to indicate a percentage that will be used to calculate service fees as defined in the Method & Frequency field, rather than an amount.
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Fee Amount
Mnemonic: LNRLSA
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Use this field to indicate an amount that will be used to calculate service fees as defined in the Method & Frequency field, rather than a percent.
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